Kevin Warsh is correct in saying, “the institution matters more than the person,” but fails to note that a person or persons can destroy an institution (“The Fed Puts Its Independence on the Line,” op-ed, Sept. 8). The ultimate destruction of the Federal Reserve began when Alan Greenspan decided the Fed should implement monetary policy by targeting the federal-funds rate. It was exacerbated by Ben Bernanke’s decision to engage in a massive bond-buying program in an attempt to reduce long-term rates when the federal-funds rate reached its zero lower bound. Jerome Powell extended it by, as Mr. Warsh puts it, buying “assets...

Source: Wall Street Journal September 14, 2020 17:25 UTC